Hands up! Who bought a house in a panic last year

mraladdinsir · 27/07/2023 20:59

Me too! I bought a house last year in desperation. 3 we had previously bidded on are now back on too. Tempted to put in a bid on the 2nd one as it was my dream home.

CatsOnTheChair · 27/07/2023 21:06

Yep. But there is very little we'd have looked at come up since - and the stuff we feared would be our only, very, very expensive, alternatives are still up for sale

Newhousecrying · 27/07/2023 22:34

We did! We overbid in desperation and I hate the house. But only a handful of houses have come up that look better, none at a lower price than what we paid. the road we really loved had two houses come up since, and both sold for 15k asking

@Dogonthebed and @mraladdinsir are these houses that have sold and completed and the new owners relisting?

illiterato · 27/07/2023 22:39

Not last year but during covid we were pipped on a total Reno which was an impulse offer and I was gutted behind belief when we lost it. Now it’s still under major scaffolding and I’m thinking maybe had a bit of a lucky escape as we clearly underestimated the renovation costs by hundreds of thousands.

LauraNicolaides · 27/07/2023 22:39

Dogonthebed · 27/07/2023 20:33

Just me? I am thinking not. On rightmove and a lot of the houses we were pipped at the post are back up again!
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a lot of the houses we were pipped at the post are back up again

I'm not understanding this - you mean that whoever bought them is now selling up after twelve months? Anyone who bought with a mortgage is likely to have fixed the rate for at least two years surely?

Or you mean the buyers who beat you didn't end up completing? (In this case why not I wonder.)

Anonymousbosch39 · 27/07/2023 23:15

I did! Was in a flap 2021 because I have two children who are getting older and need more room and they were sharing a small bedroom. Had a load of offers knocked back and unable to view houses just on market before they were sold stc.
In the end I offered over asking price on a house that was an utter mistake. I didn't listen to my gut feeling and I have wanted to move out ever since we moved in!

3BSHKATS · 28/07/2023 13:48

I’ve seen quite a few come into the market that I’ve been flipped locally. They look beautiful they’ve done an amazing job on them so they’re totally worth it because now they’re completely out of my price range. And they sold within a matter of weeks.
Interestingly, though they’ve got children’s bedrooms painted in the unit colours you would expect rather than the whole house painted white. Kids toys in the gardens etc so whilst they have obviously been flipped in, the family has gone through all the trauma of doing the building work. I do wonder whether it’s a family that’s overstretched themselves, and now not going to benefit from all their hard work.

ShadowPuppets · 28/07/2023 13:53

We did - I think we overpaid for the house we moved into in Sept 2022, the market really did peak. However, we fixed our mortgage for 5 years and our move was about a week before the ‘mini budget’ so tbh I’m glad we moved when did.

declutteringmymind · 28/07/2023 14:05

I reckon the interest rate will make up for any dip in prices and you are enjoying your house earlier instead of living with the uncertainty at the moment. The peace of mind would outweigh things to a certain degree.

romatheroamer · 28/07/2023 14:09

Kind of, because coming to the end of rental period and didn't want to extend. Originally going to buy a project house but dodged a bullet because it had a bad survey. So rather rushed this one which actually really like now (it was on Rightmove at the same time as the other one but didn't present very well from the photos, though much better order, new kitchen etc.) But now think overpaid.

Coffeaddict · 28/07/2023 14:12

Me. We were being outbid left right and centre.

However we are very happy. Lovely neighbours and while the house has a little niggle or 2 nothing major so far.

LondonNQT · 28/07/2023 19:26

One hopes that it isn’t because the pressure of the build has caused a split.

LondonNQT · 28/07/2023 19:26

As in the house that’s clearly had bedrooms decorated for the kids rather than the same neutral colour throughout.

BlueMongoose · 28/07/2023 21:00

illiterato · 27/07/2023 22:39

Not last year but during covid we were pipped on a total Reno which was an impulse offer and I was gutted behind belief when we lost it. Now it’s still under major scaffolding and I’m thinking maybe had a bit of a lucky escape as we clearly underestimated the renovation costs by hundreds of thousands.

I dunno- ours has had scaff up 3 times, once for one part of the roof for reslating, once for me to paint the render, and then the 2nd lot was just moved round to reslate the main roof. So nothing that was a problem, and nothing that wasn't obvious. The scaff for the two jobs was up for months- I finished the render in about a fortnight but it was a couple of months before the roofer could start due to another large and much more urgent job having to be fitted in (with our agreement) and the scaffolders wanted to leave their stuff in place because they had a lorry out of commission. Probably passers-by thought we'd Found Something Horrible, and it was Costing a Fortune but it was just a bit of a nuisnace to walk round it for a couple of months.....

illiterato · 28/07/2023 21:11

BlueMongoose · 28/07/2023 21:00

I dunno- ours has had scaff up 3 times, once for one part of the roof for reslating, once for me to paint the render, and then the 2nd lot was just moved round to reslate the main roof. So nothing that was a problem, and nothing that wasn't obvious. The scaff for the two jobs was up for months- I finished the render in about a fortnight but it was a couple of months before the roofer could start due to another large and much more urgent job having to be fitted in (with our agreement) and the scaffolders wanted to leave their stuff in place because they had a lorry out of commission. Probably passers-by thought we'd Found Something Horrible, and it was Costing a Fortune but it was just a bit of a nuisnace to walk round it for a couple of months.....

Show quote history

No- this is really major scaffolding over the entire house and the whole of the front of the house is now missing 🤣.

PomTiddlyPom · 28/07/2023 21:18

It's highly unlikely that so many people are selling up - they were either house flippers or the sale just didn't go through.
Unlike most PP's so far we got the first house we offered on, after going to best and finals. Wholly unexpected. Surveys etc came up all clean.
Mixed feelings. The house itself and our street is great - spacious, nice neighbours. Near bus and train station.
However... this wasn't my first choice of area. And there were others that we didn't even get around to looking at!
I did think we overpaid at first. But our house has had the smallest % price increase despite being 'last sold' 5+ years later than the comparable. And the house has a much larger footprint!

PomTiddlyPom · 28/07/2023 21:19

*sorry, 5+ years earlier it should be. Not later. That would make sense

StressyErica · 28/07/2023 22:50

We kind of did because we desperately needed to move and there was nothing available in our price range. Everything ended up in a bidding war and it was so frustrating. However, we found a decent house that we didn't overpay for and sold ours for a good price. The house needed a bit of work so we've been getting on with it and quietly thanking our lucky stars we finally moved in a week before the mini budget and fixed our mortgage for 5 years too, so at least we can ride some of this shit out with more normal mortgage repayments.

Leafypillows · 28/07/2023 22:56

We did too. Love the house we bought, but a few people on our old street are now selling for 20k more than we did and I wonder if we should have held out for a better offer. But they might not get the prices they are hoping for and had we held out we probably would have missed out on this house.

charabang · 28/07/2023 23:36

I did last year! My house sold within 24 hours and then the chase was on to find a suitable property to downsize into. Gosh, it was manic. So many houses gone before I could get a viewing. Struck lucky and overbid to secure current home. Worth mentioning that both my neighbours of my former home have gone on the market in May and have had to reduce their price. Still not sold.

JL642 · 30/07/2023 09:40

Me! (Well in the post covid rush anyway). Not a fan of this house!! But I keep reminding myself we have security, managed to secure five year fixed in summer last year at a low interest%, and my first Dc arrived here and I don’t think we’d have ttc if we hadn’t moved here because we were in a tiny flat before!! So all in all lots of things for me to be grateful for even if it isn’t my perfect house.

CheersToMe · 30/07/2023 09:58

Not last year but 2021 after the stamp duty holiday had finished. We sold ours for asking price, and were relocating and hoping to buy for less. Ended up spending the same. House and location are good, but now we know the new are better I have my eye on locations for our next move.

Iwantmybed · 30/07/2023 16:34

We ended up panic buying our home we moved into last year. Our sellers pulled out of the house we were buying and we'd sold our home and broke the chain to move out as we had agreed with our buyers. So we ended up homeless.

The house we are in is a money pit renovation but actually a better house than the one we were buying so a good decision in the end. We managed to scrape an amazing mortgage rate thanks to Kwasi and Liz Truss of 0.99% for 5yrs.

RidingMyBike · 30/07/2023 21:33

We were buying last year and missed out on several as it was so hard to get viewings and sales agreed so quickly. We pounced on one house quickly and renovated it - really really happy with it but it was a stressful year. So ours turned out ok.

But have seen quite a few that sold last year come back on the market. And definitely sold as you can see the last sold price in the listing. Some in identical condition, some with some 'improvements' [mostly not!] made and then £20k added to last year's price when they'll be lucky to even make that much.

Bodybop · 30/07/2023 21:38

Iwantmybed · 30/07/2023 16:34

We ended up panic buying our home we moved into last year. Our sellers pulled out of the house we were buying and we'd sold our home and broke the chain to move out as we had agreed with our buyers. So we ended up homeless.

The house we are in is a money pit renovation but actually a better house than the one we were buying so a good decision in the end. We managed to scrape an amazing mortgage rate thanks to Kwasi and Liz Truss of 0.99% for 5yrs.

You mean before truss right?